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Looking to scale from zero to a multi-crore insurance business? Get an Insurance Web Aggregator License with expert-led support by Enterslice. We manage licensing, audit, filings, and compliance, ensuring a reduction in regulatory risks by 50%.
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An insurance web aggregator acts as an intermediary or an online platform that provides information about the insurance products and policies offered by different companies through a website or an online portal. Insurance web aggregators must obtain an insurance web aggregator license from the IRDAI before commencing business operations as per insurance web aggregator regulations.
It compares insurance products and their prices on such an online platform to help the customers analyze the best product and make an informed decision before buying any insurance product. The insurance web aggregator is a business entity registered under the Companies Act and regulated by the IRDAI (Insurance Web Aggregator) Regulations, 2017.
40% Digital Insurance Sales in India
Annual Tax Reporting
250+ Insurance Plans (Health, Travel, Motor, and Life)
More than 23 Million Active Transacting Consumers
Around โน7,600 Crore (Total Insurance Premiums via Aggregators)
Growth of Protection Products (44% YoY)
One License, Multiple Revenue Streams
From application to approval, Enterslice handles every IRDAI requirement. Save your time and effort with our expert consultants, who have more than a decade of experience in getting an IRDA web aggregator license.
The primary regulatory authority for the insurance web aggregator license is the Insurance Regulatory and Development Authority of India (IRDAI). The Insurance Act 1938 and the Insurance Regulatory and Development Act 1999 are the regulations behind Insurance law.
The main role is to facilitate comparison between different insurance products. Aggregators have contracts with insurance companies, which are obligated to share all pertinent information. Here, we have discussed below in pointers for your better understanding:
Obtaining an insurance web aggregator license enables companies to expand their customer base and cut down on advertising expenses. It also gives customers a simpler way to analyze and select insurance products, resulting in improved offers and a more efficient market.
An insurance web aggregator helps users save time and effort by eliminating the necessity of going to various insurance company websites to compare policies one by one. Users can use an aggregator to compare several policies at once conveniently.
Insurance web aggregators collaborate with numerous insurance providers, leading to competition between insurers. It leads to improved pricing for customers as insurance providers vie to offer the most competitive rates and advantages.
Insurance web aggregators typically employ a group of specialists available to offer guidance to users in selecting the most suitable policy. Users can inquire and receive advice from these professionals to assist them.
Users are informed about the newest products, updates in regulations, and market trends that may affect their insurance choices in the present and future. It is one of the key benefits of insurance web aggregator license.
Certain platforms provide features for overseeing bought policies, such as notifications for premium payments and renewals, online storage of policy papers, and assistance with processing claims.
Avoid heavy online infrastructure. Web aggregators with an IRDA web aggregator license reduce distribution costs by 30% to 50% while enabling rapid digital scale across India.
KYC and AML investigations help uncover unusual, suspicious, or fraudulent transactions, supporting anti-money laundering and counter-terrorism efforts.
The insurance web aggregators enable users to compare and buy different insurance policies. They offer resources for comparing premiums, coverage, and conditions from different insurers, making the purchasing process easier and providing customer support and educational materials to assist in selecting the appropriate insurance product. Founders must get a better insight into insurance web aggregator regulations.
An insurance web aggregator performs the following functions:
The web aggregators with an insurance web aggregator registration earn money through commissions from the insurance companies when any policy is purchased through their platform. Usually, you see that the insurance web aggregators do not charge their users for using their services.
The revenue streams for insurance web aggregators are mentioned below-
Have a look at the eligibility criteria for the IRDA web aggregator license in insurance-
The documents needed for insurance web aggregator license are mentioned below-
ROC Certificate of Registration
MOA and AOA
Company PAN Card Copy
Directors/Partners Details
Proposed Website Content Preview
Principal Officer Details
Website Content Responsible Persons
Website Hosting Location
Certified Shareholding Pattern
Net Worth Certificate (CA)
IT Infrastructure Details
Audited Financial Statements
Website Login Credentials (View-only)
Organisational Structure and Roles
The net worth requirements for getting an insurance web aggregator license are mentioned below:
In order to apply for insurance web aggregator license with Enterslice, you need to follow the steps mentioned below-
Ensure the applicant meet all IRDAI eligibility, financial, and compliance conditions.
Submit Form A along with Rs 10,000 plus applicable taxes to IRDAI through approved payment modes
Provide all prescribed documents to enable IRDAI to initiate verification process.
IRDAI scrutinizes the application and documents. Deficiencies may lead to rejection within 30 days.
IRDAI grants the certificate of registration in Form E if it serves policyholdersโ interests.
Certain conditions have to be followed by the applicant for the grant of insurance web aggregators license, such as:
After fulfilling all the regulatory requirements of IRDAI, the business entity usually takes around 5 to 6 months to obtain an IRDA web aggregator license in India.
Enterslice offers consultancy services for legal, financial, and business advice, along with help in acquiring necessary licenses for operating in sectors like finance and insurance. We are here to assist you in various ways to acquire an IRDA web aggregator license in India, overseen by the IRDAI. Besides this license, we help insurance business enthusiasts in securing an insurance broker license, insurance marketing firm license, ISNP certification, etc.
We have discussed below how we can assist your company in obtaining an insurance web aggregators license:
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